Question

Residential Solar Credit is not fully captured

Forum|Forum|2 years ago
February 3, 2024
1 reply
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I installed solar panels for my home. When I enter this info, turbotax says I will get $8.5k tax credit and $1.5k will be carried over. However, I am only seeing my refund increase by $4k for this year. Does anyone know why I am not getting the full $8.5k refund? If I am hitting my maximum refund, shouldn't it carry over $6k to next year instead of $1.5k?

DoninGA

Employee

The Form 5695 Residential Energy Credits for tax year 2023 has not yet been finalized in TurboTax.

The Form 5695 is scheduled to be available in TurboTax on 02/07/2024 (subject to change).

Go to his TurboTax website for forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product...

A

apple779Author

Thank you so much!

I checked again today and the form is available now.

However, I still see that I qualify for ~$8500 this year and only ~$1500 will carry over to next year - but the refund only increased by ~$4000.

V

Vanessa A

If your total credit is $8,500 and you have a $1,500 carryover to next year, that means you would have a $7,000 credit for this year. Did you already have a refund or did you have a tax due when you entered the credit? Did you lose another credit that was non-refundable?

The best way to figure this out would be to look at your 1040 form. Write down all the number from lines 16 to 24. Also look at Schedule 3 and take note of which credits you have and how much they are. Then go back and delete the energy credits and then look at all of your numbers again. You can do this in the print preview menu. This will allow you to see what changed to make your refund only increase by $4,000 if it is telling you you are getting $7,000 of the credit this year. After you delete and compare, be sure to walk back through and enter your solar information again.

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